Itr-4 for lic agent

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 June 2013 I want to file ITR-4 for LIC AGENT

THERE IS NO OTHER INCOME

Name of Deductor : LIFE INSURANCE CORPORATION OF INDIA

Total Amount Paid / Credited ( Rs. ) : 25,111.00

Total Tax Deducted# ( Rs. ) : 4057

Please help to file ITR4

There is no other income..

Awaiting for your optimistic reply.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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16 June 2013 You can file ITR-4 in no Books of Account Case as the commission is below Rs 60000/-.
.
Show the commission as Gross Receipts and claim expenses on adhoc basis-

.
First Year Commission 50% Expenses,
Renewal Commission 15% Expenses.
.
Where such bifurcation is not available claim 1/3 of the commission income as expense.
.

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